New Age Alpha Advisors LLC Buys 98,319 Shares of Nextracker Inc. (NASDAQ:NXT)

Key Points

• New Age Alpha Advisors LLC increased its holdings in Nextracker Inc. by 308.3% in the first quarter, owning approximately 0.09% of the company after purchasing an additional 98,319 shares.
• Several institutional investors, including Shell Asset Management Co. and Fifth Third Bancorp, also boosted their stakes in Nextracker during the recent quarters.
• Share price analysts are optimistic, with Goldman Sachs and Susquehanna raising their price targets and ratings for Nextracker, indicating strong confidence in the stock's future performance.

New Age Alpha Advisors LLC raised its position in Nextracker Inc. (NASDAQ:NXT - Free Report) by 308.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 130,208 shares of the company's stock after acquiring an additional 98,319 shares during the period. New Age Alpha Advisors LLC owned approximately 0.09% of Nextracker worth $5,487,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Westfield Capital Management Co. LP lifted its position in shares of Nextracker by 2.8% during the first quarter. Westfield Capital Management Co. LP now owns 1,243,151 shares of the company's stock valued at $52,386,000 after purchasing an additional 33,537 shares in the last quarter. SCP Investment LP bought a new position in shares of Nextracker during the 1st quarter worth approximately $826,000. PNC Financial Services Group Inc. boosted its stake in shares of Nextracker by 13.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 14,146 shares of the company's stock worth $596,000 after buying an additional 1,694 shares during the last quarter. US Bancorp DE grew its holdings in shares of Nextracker by 79.0% in the first quarter. US Bancorp DE now owns 4,312 shares of the company's stock valued at $182,000 after acquiring an additional 1,903 shares in the last quarter. Finally, Goodman Financial Corp purchased a new stake in shares of Nextracker during the first quarter valued at approximately $14,597,000. Institutional investors own 67.41% of the company's stock.

Nextracker Trading Down 2.5%

Shares of NXT traded down $1.40 during mid-day trading on Wednesday, reaching $54.62. The company's stock had a trading volume of 1,610,981 shares, compared to its average volume of 2,382,784. Nextracker Inc. has a 52 week low of $30.93 and a 52 week high of $67.87. The stock has a market cap of $7.99 billion, a PE ratio of 14.88, a P/E/G ratio of 1.30 and a beta of 2.25. The company's fifty day moving average price is $59.95 and its two-hundred day moving average price is $50.31.

Analyst Ratings Changes

NXT has been the topic of a number of research analyst reports. Piper Sandler restated an "overweight" rating on shares of Nextracker in a research report on Thursday, May 15th. Susquehanna increased their price objective on Nextracker from $66.00 to $76.00 and gave the company a "positive" rating in a report on Monday, July 21st. Wells Fargo & Company boosted their target price on Nextracker from $71.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Roth Capital restated a "buy" rating and issued a $80.00 price objective (up from $70.00) on shares of Nextracker in a research note on Tuesday, July 29th. Finally, Northland Capmk lowered shares of Nextracker from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Nine analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $64.37.

Insiders Place Their Bets

In other Nextracker news, President Howard Wenger sold 6,066 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $55.00, for a total transaction of $333,630.00. Following the completion of the sale, the president owned 219,389 shares of the company's stock, valued at $12,066,395. This represents a 2.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Nicholas Marco Miller sold 69,774 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $59.65, for a total transaction of $4,162,019.10. Following the completion of the transaction, the chief operating officer owned 175,216 shares in the company, valued at $10,451,634.40. The trade was a 28.48% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 220,476 shares of company stock worth $12,737,780. 0.56% of the stock is currently owned by corporate insiders.

Nextracker Profile

Nextracker Inc, an energy solutions company, provides solar tracker and software solutions for utility-scale and distributed generation solar projects in the United States and internationally. The company offers tracking solutions, which includes NX Horizon, a solar tracking solution; and NX Horizon-XTR, a terrain-following tracker designed to expand the addressable market for trackers on sites with sloped, uneven, and challenging terrain.